BWI: Allahabad Bank Adds MoneyGram International’s Money Transfer Service at Bank’s Core Banking Service Branches

Press release from Business Wire India
Source: MoneyGram International
Sunday, July 19, 2009 09:00 AM IST (03:30 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst
--------------------------------------------------
Allahabad Bank Adds MoneyGram International's Money Transfer Service at Bank's Core Banking Service Branches
MoneyGram's Network in India Reaches New Milestone, Surpasses 20,000 Locations

Mumbai, Maharashtra, India, Sunday, July 19, 2009 -- (Business Wire India) -- Allahabad Bank, one of the leading nationalized banks in India, is adding MoneyGram International's money transfer services to its core banking service branch locations. Allahabad Bank offers locations countrywide in India's largest cities and services to cities and rural communities especially across Uttar Pradesh and West Bengal.

Allahabad Bank is the oldest joint stock bank in the country and has entered into the 145th glorious year of its purposeful public banking institution with more than 23 million customers. The bank being one of the leading nationalized banks of the country offers whole range of banking products and services catering to the needs of every section of the society and also offers investment opportunities in mutual funds, life and non-life insurance products under a single roof. With a long history of providing services for Indians at home and abroad, the bank expanded its remittance services to provide more value added services and greater convenience to its customers. With a long tradition of trust and going strong with 2277 branches, the bank has been signed by MoneyGram's super agent UAE Exchange and Financial Services Ltd. with a view to provide better customer service in the form of hassle-free inward money transfer in India.

Mr. Narendra Singh, General Manager , Allahabad Bank, said, "We are pleased to offer MoneyGram money transfer services through our extensive, nationwide bank branches to widen the array of services that we offer our customers. It is a win -win situation for both the organizations and MoneyGram's global money transfer service provides hassle-free, inward remittances close to our customers' homes."

With this news, MoneyGram's countrywide network will surpass the 20,000 mark.

"India is an important part of our global growth and the addition of Allahabad Bank branches marks a milestone in our expansion," said Harsh Lambah, Regional Director, South Asia for MoneyGram International. "We've added 6,000 agent locations this year and we remain focused on adding more locations countrywide to meet the vast remittance needs in India and to reach deeper into rural areas."

The bank's customers will have a wide choice of remittances of funds through RTGS, NEFT, and ECS within the country and receive remittance of funds from foreign countries through the channel provided by MoneyGram.

"We are committed to offer the very best of services to our clients. Our association with Allahabad Bank will definitely facilitate us in giving more quality services to our customers. Customers will now have more freedom of choice and prospect in India to pick up remittances from any part of the world", said Mr. V. George Antony, Country Head, UAE Exchange - India.

All 2277 branches of Allahabad Bank will be converted into core banking services branches by 2010 and will be added in phases, including providing MoneyGram money transfer services in the near future. Moreover, any person who is not a customer of the bank may walk into an Allahabad bank branch, complete a simple form and collect money transfer funds. For more information about the bank's product and services, please visit www.allahabadbank.in.

About MoneyGram International

MoneyGram International offers more control and more choices for people separated from friends and family by distance or those with limited bank relationships to meet their financial needs. MoneyGram International helps consumers to safely send money around the world in as little as 10 minutes. Its global network is comprised of 180,000 agent locations in 190 countries and territories. MoneyGram's convenient and reliable network includes retailers, international post offices and financial institutions. To learn more about money transfer at an agent location, please visit www.moneygram.com.


CONTACT DETAILS
Parvathy Raja, Pink & White Consulting, +91 (22) 26512756 / 58 / 59, parvathyr@pinkandwhiteconsulting.com

KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst

If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.

Submit your press release at http://www.businesswireindia.com